COPENHAGEN, Denmark, April 2 /PRNewswire/ -- Egalet a/s, a specialty pharma company focused on the development of oral controlled-release products, today announced that it has successfully raised US$19.27 million (DKK107.7 million) in a Series B financing led by internationally renowned Danish investor, Vaekstfonden Life Science Ventures. All existing investors, Atlas Venture (Boston and London), Bio Fund (Finland), Dansk Kapitalanlaeg (Denmark), Danske Bank (Denmark), Index Ventures (Jersey) and QueQuoin Holdings Ltd. (Jersey), also participated in the round. Egalet will use the funds to expand and optimize its proprietary product portfolio.
“These funds will allow us to expand the breadth of our clinical-stage pipeline with additional products, targeting the pain and cardiovascular markets, which have been generated using our proprietary Egalet® and Parvulet® technologies,” Jan Quistgaard, Chief Executive Officer of Egalet a/s, commented. “We are happy that Vaekstfonden Life Science Ventures will join our outstanding investor group. We intend to create significant value for our investors by developing these products in-house until ready for market introduction.”
“Egalet meets all our investment criteria. They have a strong technology base, an internationally experienced team and a strong investor base. We believe that the Egalet team is capable of developing a number of interesting products in the years to come,” Trine Bartholdy, Investment Director of Vaekstfonden Life Science Ventures, commented.
About Egalet a/s
Egalet a/s is a specialty pharmaceutical company focused on the development of innovative orally administered products utilizing the company’s proprietary, erosion-based, controlled-release technology, Egalet® and a novel system, Parvulet®, aimed at the pediatric market. Egalet’s lead products are entering late-stage clinical studies targeting the cardiovascular and pain markets. They offer significant potential benefits to patients, including improved dosing regimen, increased drug kinetics and bioavailability. The Company is based in Copenhagen, Denmark. For more information, visit www.egalet.com.
About Vaekstfonden Life Science Ventures
Vaekstfonden Life Science Ventures is one of Denmark’s largest life science investors, with more than EUR100 million under management. The fund invests in teams developing unique products and systems with a global growth potential.
Source: Egalet
